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[BUSINESS] · Norway, EU, United Kingdom · 45 sources

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Norway to continue Arctic oil and gas drilling despite EU moratorium

Norway has announced its intention to continue oil and gas exploration in the Barents Sea, regardless of the European Union's support for a moratorium on Arctic hydrocarbon extraction. Energy Minister Terje Aasland stated that continuing these activities serves both Norwegian and European interests, particularly within the current geopolitical and security landscape.

Norway, which became Europe's largest natural gas supplier following Russia's 2022 invasion of Ukraine, currently meets approximately 30% of the gas demand for the EU and the UK. While oil production reached its highest level since 2009 last year, official forecasts warn of a sharp decline in production after 2030 unless new resources are developed.

Norway aims to maintain its current production and export levels until at least 2035. The government has also signaled a shift in its energy identity, noting that it no longer considers itself the ‘green battery’ of Europe and will not pursue new power interconnections with the EU. While the EU maintains an environmental moratorium on Arctic drilling, Norwegian officials argue that Barents Sea operations are essential for long-term energy security and that some areas are ice-free and less prone to environmental risks.

Entities

Barents Sea · Equinor · European Union · Fatih Birol · International Energy Agency · Norway · Terje Aasland

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